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Tag: Jobless claims

  • Layoffs jumped in January as companies pull back on hiring

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    Layoffs across the U.S. surged in January to their highest level for the month since 2009, when the economy was reeling from the housing crash, new data shows.

    Employers announced 108,435 job cuts in the first month of the year, up 118% from the year-ago figures, according to outplacement firm Challenger, Gray and Christmas. Layoffs often rise in January as companies adjust their payrolls to meet financial targets for the forthcoming year. 

    The top three reasons employers cited in cutting jobs last month were losing a commercial contract, stock market and economic conditions, and restructuring.

    Most layoffs by industry

    The sectors that dismissed the most employees in January, according to Challenger, Gray and Christmas:

    • Transportation: 31,243 job cuts
    • Technology: 22,291 job cuts
    • Health Care: 17,107 job cuts 
    • Chemical: 4,701 job cuts
    • Media: 510 job cuts

    Driving the January layoffs were large cuts by several major companies. Those included Amazon, which said it was cutting 16,000 jobs, and delivery company UPS, which plans to slash its workforce by 30,000 this year. 

    The spurt in layoffs signals that businesses are “less-than-optimistic about the outlook for 2026,” Andy Challenger, chief revenue officer at Challenger, Gray and Christmas, said in a statement. 

    Pinterest and chemical manufacturer Dow also announced layoffs, which they attributed in part to their adoption of artificial intelligence. Employers directly cited AI in announcing nearly 8,000 layoffs in January, 7%, Challenger’s data shows.

    Some experts have questioned the extent to which AI is playing a role in layoffs, with economists telling CBS News that companies could be using AI as a pretext for job cuts.

    “I don’t think these companies are doing layoffs because they know AI can replace workers, but I think they’re investing in it,” Andrew Stettner, senior director for economic security at the nonprofit National Employment Law Project, told CBS News.

    Although layoffs have edged up, the nation’s unemployment rate remains low by historical standards, at 4.4%. The Federal Reserve on Jan. 28 said that the economy was expanding at a “solid pace,” while noting that inflation remains above its 2% annual target.

    Yet the latest economic signals show that job openings around the country are falling, while more Americans are filing for unemployment benefits. Initial jobless claims jumped to 231,000 for the week ending Jan. 31, up sharply from the previous week, according to the labor data released on Thursday. 

    Revelio Labs, a workforce intelligence company, reported a 64% increase in the number of workers who received layoff notices between December 2025 and January. 

    To be sure, the spike in layoffs isn’t a sign of a broader economic malaise, Stettner emphasized. For example, the construction sector is booming as demand for AI services and the data centers required to power them increases. Still, he called the pockets of layoffs “concerning.” 

    Edited by

    Alain Sherter

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  • Employers added 50,000 jobs in December, capping a year of weak hiring

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    Employers across the U.S. added 50,000 jobs in December, capping a year of muted job growth that saw employers pull back on hiring amid economic uncertainty. 

    The numbers

    The monthly job gains were below the 55,000 forecast by economists, according to a poll by FactSet.

    The unemployment rate stood at 4.4% in December, compared with 4.5% in November, the Bureau of Labor Statistics said Friday.

    Payroll gains were revised downward for both October and November, a sign that hiring was weaker than previously reported in those months. The U.S. labor market lost 173,000 jobs in October, a larger decline than the earlier reported decline of 105,000 jobs, while November hiring was revised down to 56,000 from 64,000.

    Bar chart showing the monthly net change in payroll employment by industry. Each bar represents the change in thousands of jobs from the previous month.

    “The labor market has shown continued resiliency, but it’s still softening, and the pace of year-to-date overall employment gains has slowed to the dragging pace of growth we saw in 2020,” said Jerry Tempelman, vice president of fixed income research at Mutual of America Capital Management, in a Friday email.

    In December, hiring was robust in food services and drinking, health care and social assistance, while the retail sector shed jobs, the BLS said.

    Bar chart showing the monthly change in U.S. nonfarm payroll employment from 2022 to 2025.

    Most layoffs since 2020

    Employers announced 1.2 million job cuts in 2025, a 58% increase from the prior year and the highest level since 2020, outplacement firm Challenger, Gray & Christmas said Thursday.

    Job growth slowed throughout 2025 as some businesses grappled with economic uncertainty, prompting them to pull back on hiring. Employers added a total of roughly 584,000 jobs in 2025, down sharply from more than 2 million the previous year and the weakest annual gain outside a recession since 2003, according to Oxford Economics. 

    Some big corporations, such as Amazon, cut jobs as they sought to rely more on artificial intelligence, while the Trump administration’s Department of Government Efficiency oversaw the reduction of roughly 300,000 government jobs last year, Challenger, Gray & Christmas said.

    The headwinds facing the labor market prompted the Federal Reserve to thrice cut its benchmark interest rate late last year, as lowering borrowing costs can help spur hiring by making it cheaper for businesses to expand.

    Prior to the release of Friday’s report, EY-Parthenon Chief Economist Gregory Daco said he is forecasting hiring will average 25,000 new jobs per month for the first half of 2026, while the unemployment rate could drift up to 4.8%.

    What it means

    While hiring was weak in 2025, experts don’t think the labor market is collapsing.

    “There aren’t any red flashing lights indicating an imminent recession, but there are plenty of yellow warning lights flashing, and there is the risk that we could approach stall speed,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management, in a Friday research note.

    Payroll gains averaged about 50,000 per month last year, according to BLS data, which is the amount the economy requires to maintain a stable labor market, according to Jamie Cox, managing partner at Harris Financial Group, which aligns with the December job gains and the average payroll gains throughout 2025.

    Interest rate outlook

    Signs of stabilization in the labor market — particularly a lower jobless rate — could lead the Federal Reserve to hit the brakes on interest rate cuts for now, according to some experts.

    “For this report, all roads lead to the unemployment rate,” said Olu Sonola, head of U.S. Economic Research at Fitch Ratings, in an email. “At 4.4%, it simply reads as relief versus 4.6% and it should douse the Fed’s recent urgency to backstop a weakening labor market.”

    The Federal Reserve is tasked with maintaining strong hiring while also taming inflation. A weaker labor market picture in 2025 compelled the central bank to cut interest rates three times. 

    The upshot for 2026, experts say, is that rate cuts are coming, but they may arrive later in the year.

    Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management, said in an email note that she expects a pause for now, but two cuts at some point this year.

    Edited by

    Aimee Picchi

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  • Here’s how much unemployment claims in Missouri declined last week

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    Initial filings for unemployment benefits in Missouri dropped last week compared with the week prior, the U.S. Department of Labor said Thursday.

    New jobless claims, a proxy for layoffs, fell to 2,009 in the week ending September 20, down from 2,198 the week before, the Labor Department said.

    U.S. unemployment claims dropped to 218,000 last week, down 14,000 claims from 232,000 the week prior on a seasonally adjusted basis.

    Alaska saw the largest percentage increase in weekly claims, with claims jumping by 25.9%. South Carolina, meanwhile, saw the largest percentage drop in new claims, with claims dropping by 37.7%.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Department of Labor’s weekly unemployment insurance claims report.

    This article originally appeared on Columbia Daily Tribune: Missouri unemployment claims declined last week

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  • Unemployment claims in Michigan declined last week

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    Initial filings for unemployment benefits in Michigan dropped last week compared with the week prior, the U.S. Department of Labor said Thursday.

    New jobless claims, a proxy for layoffs, fell to 4,485 in the week ending September 13, down from 8,441 the week before, the Labor Department said.

    U.S. unemployment claims dropped to 231,000 last week, down 33,000 claims from 264,000 the week prior on a seasonally adjusted basis.

    South Carolina saw the largest percentage increase in weekly claims, with claims jumping by 60.6%. North Dakota, meanwhile, saw the largest percentage drop in new claims, with claims dropping by 70.9%.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Department of Labor’s weekly unemployment insurance claims report.

    This article originally appeared on Port Huron Times Herald: Unemployment claims in Michigan declined last week

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  • Unemployment claims in Michigan declined last week

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    Initial filings for unemployment benefits in Michigan dropped last week compared with the week prior, the U.S. Department of Labor said Thursday.

    New jobless claims, a proxy for layoffs, fell to 4,485 in the week ending September 13, down from 8,441 the week before, the Labor Department said.

    U.S. unemployment claims dropped to 231,000 last week, down 33,000 claims from 264,000 the week prior on a seasonally adjusted basis.

    South Carolina saw the largest percentage increase in weekly claims, with claims jumping by 60.6%. North Dakota, meanwhile, saw the largest percentage drop in new claims, with claims dropping by 70.9%.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Department of Labor’s weekly unemployment insurance claims report.

    This article originally appeared on Cheboygan Daily Tribune: Unemployment claims in Michigan declined last week

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  • Unemployment claims in Michigan increased last week

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    Initial filings for unemployment benefits in Michigan rose last week compared with the week prior, the U.S. Department of Labor said Thursday.

    New jobless claims, a proxy for layoffs, increased to 8,403 in the week ending September 6, up from 5,423 the week before, the Labor Department said.

    U.S. unemployment claims rose to 263,000 last week, up 27,000 claims from 236,000 the week prior on a seasonally adjusted basis.

    North Dakota saw the largest percentage increase in weekly claims, with claims jumping by 269.2%. Tennessee, meanwhile, saw the largest percentage drop in new claims, with claims dropping by 52.1%.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Department of Labor’s weekly unemployment insurance claims report.

    This article originally appeared on The Sault News: Unemployment claims in Michigan increased last week

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  • Unemployment claims in California declined last week

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    Initial filings for unemployment benefits in California dropped last week compared with the week prior, the U.S. Department of Labor said Thursday.

    New jobless claims, a proxy for layoffs, fell to 37,470 in the week ending September 6, down from 38,816 the week before, the Labor Department said.

    U.S. unemployment claims rose to 263,000 last week, up 27,000 claims from 236,000 the week prior on a seasonally adjusted basis.

    North Dakota saw the largest percentage increase in weekly claims, with claims jumping by 269.2%. Tennessee, meanwhile, saw the largest percentage drop in new claims, with claims dropping by 52.1%.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Department of Labor’s weekly unemployment insurance claims report.

    This article originally appeared on Salinas Californian: Unemployment claims in California declined last week

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  • Jobless claims reach highest level since 2021, a sign layoffs are rising

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    New federal labor data shows U.S. workers filed 263,000 claims for unemployment benefits last week, the highest level since October 2021 and another sign the job market is cooling. 

    The Department of Labor reported Thursday that claims for the week ending Sept. 6 were up 27,000 from the previous week’s revised level, a major jump that signals layoffs are on the rise. The four-week moving average for those seeking jobless aid is 240,500, an increase of nearly 10,000 from the previous week. 

    “One datapoint does not make a trend, but markets will see this big uptick in claims as the pop in layoffs that we have been waiting for,” Carl Weinberg, chief economist at High Frequency Economics, said in a research note. 

    Andrew Stettner, director of economy and jobs at the Century Foundation, a think tank, said in an email  that the latest unemployment benefits is one of the “clearest signs yet” that Americans are starting to feel the impact of an ongoing downshift in job growth. 

    According to a Federal Reserve Bank of New York’s survey released earlier this week, people are growing more concerned about the state of the state of the labor market and the challenges of finding a job. Employers added only 22,000 jobs in August, far below economist forecasts of 80,000, while payroll gains averaged a meager 29,000 per month from June through August.

    Yet while the pace of hiring has slowed in recent months, layoffs remain relatively low by historical measures — a trend economists describe as “no hire, no fire.” 

    Sluggish job growth of late increases the likelihood that the Federal Reserve will cut rates when it meets next week. 

    “The latest jobless claims data, along with other recent labor market indicators, show signs of a more vulnerable job market and will lead the Federal Reserve to lower interest rates at its meeting next week,” Nancy Vanden Houten, lead U.S. economist with Oxford Economics, said Thursday in a report. 

    The jump in people applying for jobless benefits comes at a delicate time for the economy, with new government data on Thursday showing that consumer prices rose 2.9% in August from a year ago, up from 2.7% the previous month. 

    The Associated Press

    contributed to this report.

    Mary Cunningham

    Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.

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  • Unemployment claims in Michigan increased last week

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    Initial filings for unemployment benefits in Michigan rose last week compared with the week prior, the U.S. Department of Labor said Thursday.

    New jobless claims, a proxy for layoffs, increased to 5,413 in the week ending August 30, up from 5,073 the week before, the Labor Department said.

    U.S. unemployment claims rose to 237,000 last week, up 8,000 claims from 229,000 the week prior on a seasonally adjusted basis.

    Tennessee saw the largest percentage increase in weekly claims, with claims jumping by 103.1%. Kentucky, meanwhile, saw the largest percentage drop in new claims, with claims dropping by 64.4%.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Department of Labor’s weekly unemployment insurance claims report.

    This article originally appeared on Cheboygan Daily Tribune: Unemployment claims in Michigan increased last week

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  • Unemployment claims in Ohio declined last week

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    Initial filings for unemployment benefits in Ohio dropped last week compared with the week prior, the U.S. Department of Labor said Thursday.

    New jobless claims, a proxy for layoffs, fell to 4,994 in the week ending August 23, down from 5,216 the week before, the Labor Department said.

    U.S. unemployment claims dropped to 229,000 last week, down 5,000 claims from 234,000 the week prior on a seasonally adjusted basis.

    Virgin Islands saw the largest percentage increase in weekly claims, with claims jumping by 62.5%. Iowa, meanwhile, saw the largest percentage drop in new claims, with claims dropping by 50.2%.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Department of Labor’s weekly unemployment insurance claims report.

    This article originally appeared on Fremont News-Messenger: Unemployment claims in Ohio declined last week

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  • Unemployment claims in Pennsylvania declined last week

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    Initial filings for unemployment benefits in Pennsylvania dropped last week compared with the week prior, the U.S. Department of Labor said Thursday.

    New jobless claims, a proxy for layoffs, fell to 9,150 in the week ending August 23, down from 9,683 the week before, the Labor Department said.

    U.S. unemployment claims dropped to 229,000 last week, down 5,000 claims from 234,000 the week prior on a seasonally adjusted basis.

    Virgin Islands saw the largest percentage increase in weekly claims, with claims jumping by 62.5%. Iowa, meanwhile, saw the largest percentage drop in new claims, with claims dropping by 50.2%.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Department of Labor’s weekly unemployment insurance claims report.

    This article originally appeared on Chambersburg Public Opinion: Unemployment claims in Pennsylvania declined last week

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  • Unemployment claims in Michigan declined last week

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    Initial filings for unemployment benefits in Michigan dropped last week compared with the week prior, the U.S. Department of Labor said Thursday.

    New jobless claims, a proxy for layoffs, fell to 5,440 in the week ending August 16, down from 6,562 the week before, the Labor Department said.

    U.S. unemployment claims rose to 235,000 last week, up 11,000 claims from 224,000 the week prior on a seasonally adjusted basis.

    Kentucky saw the largest percentage increase in weekly claims, with claims jumping by 180.0%. Wyoming, meanwhile, saw the largest percentage drop in new claims, with claims dropping by 33.9%.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Department of Labor’s weekly unemployment insurance claims report.

    This article originally appeared on Sturgis Journal: Unemployment claims in Michigan declined last week

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  • Unemployment claims in Michigan declined last week

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    Initial filings for unemployment benefits in Michigan dropped last week compared with the week prior, the U.S. Department of Labor said Thursday.

    New jobless claims, a proxy for layoffs, fell to 5,440 in the week ending August 16, down from 6,562 the week before, the Labor Department said.

    U.S. unemployment claims rose to 235,000 last week, up 11,000 claims from 224,000 the week prior on a seasonally adjusted basis.

    Kentucky saw the largest percentage increase in weekly claims, with claims jumping by 180.0%. Wyoming, meanwhile, saw the largest percentage drop in new claims, with claims dropping by 33.9%.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Department of Labor’s weekly unemployment insurance claims report.

    This article originally appeared on The Monroe News: Unemployment claims in Michigan declined last week

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  • Stock market today: Indexes drop as tech shares slide before Apple, Amazon earnings

    Stock market today: Indexes drop as tech shares slide before Apple, Amazon earnings

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    Apple CEO Tim CookJustin Sullivan/Getty Images

    • Indexes fell for a second day on Thursday as a huge week for tech earnings shows mixed results.

    • Meta and Microsoft slid after slight earnings beats, and Amazon and Apple are set to report after market close.

    • PCE inflation, the Fed’s preferred inflation gauge, dropped to 2.1% while jobless claims fell more than expected.

    Indexes slid on Thursday, heading for a second day of declines as big tech earnings fail to impress investors so far.

    The S&P 500 and Nasdaq both slid, and the Dow Jones Industrial Average lost over 200 points shortly after the opening bell.

    The drop comes amid a packed week for earnings, with several of the biggest tech stocks reporting third-quarter results.

    Microsoft and Meta reported earnings that beat estimates after the closing bell on Wednesday, but the shares of both tech giants slid on forward guidance. Microsoft declined more than 4% after it shared expectations for slower growth in its cloud business, while Meta shares lost over 2% after forecasting “significant” capital expenditures growth next year.

    Earlier in the week, Alphabet’s earnings beat generated more enthusiasm among investors as CEO Sundar Pichai said the company’s AI investments are “paying off.”

    Investors are bracing for earnings from Apple and Amazon after market close today. They will be paying particularly close attention for signs that AI is driving iPhone demand for Apple, especially after the company rolled out its iOS 18.1 update earlier this week, and they expect a strong beat from Amazon.

    Meanwhile, the personal-consumption expenditures index, the Fed’s preferred inflation gauge, cooled to 2.1% year over year in September from 2.2% in August. That marks progress toward the Fed’s 2% inflation target, but the core index—which excludes food and energy prices—came in hotter than expected at 2.7%.

    Jobless claims from last week fell by more than expected to 216,000, a 12,000 drop from the week prior. Economists had expected claims to come in at 230,000.

    Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:

    Here’s what else is going on:

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  • What does high March inflation mean for the Fed and the economy?

    What does high March inflation mean for the Fed and the economy?

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    What does high March inflation mean for the Fed and the economy? – CBS News


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    The annual inflation rate hit 3.5% in March, the highest since September. Martin Baccardax, senior editor and chief markets correspondent at “TheStreet,” joins CBS News to examine what’s behind the increase and what it means for interest rate cuts.

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  • U.S. jobless claims leap to nearly two-year high of 261,000

    U.S. jobless claims leap to nearly two-year high of 261,000

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    The numbers: The number of people who applied for U.S. unemployment benefits in early June jumped to a nearly two-year high of 261,000, but most of the increase took place in just two states: Ohio and California.

    New jobless claims in the seven days ended June 3 climbed by 28,000 from the prior week, the Labor Department said Thursday. The figures are seasonally adjusted.

    Layoffs rose early in the year and pushed jobless claims above 200,000, but until this week, Jobless claims has barely changed since the spring and indicated that layoffs remained low.

    Key details: Of the 53 U.S. states and territories that report jobless claims, 27 showed an increase last week. The other 26 posted a decline.

    Most of the increase was in California and Ohio. Minnesota also saw a sizable increase.

    Actual or unadjusted claims surged by 6,345 in Ohio to 16,717 — an unusually large gain.

    And they rose by 5,173 to 48,750 in California, the state with by far the largest number of jobless claims. That could reflect tech-related layoffs.

    Yet lots of states, including California, have suffered from a flood of fraudulent claims since the pandemic. Massive fraud in Massachusetts, for instanced, skewed the national jobless claims totals from March through May.

    Before seasonal adjustments, new U.S. jobless claims were a much smaller 219,391 last week. That was up from 208,856 in the prior week.

    The Memorial Day holiday may have also influenced new filings. Some people either delay or accelerate their claims applications around a holiday.

    The number of people collecting unemployment benefits in the U.S., meanwhile, fell by 37,000 to 1.76 million.

    A gradual increase in these so-called continuing claims over the past year suggests it’s taking longer for people who lose their jobs to find new ones.

    Big picture: Unemployment claims typically begin to rise when the economy is deteriorating and a recession is approaching. The latest increase could be a red flag, but it will take a series of higher readings to cement the case.

    Still, the increase in claims could give the Federal Reserve more reason to “skip” another increase in U.S. interest rates when senior officials meet next week.

    Wall Street widely expects the Fed to stay put to give it more time to evaluate the economy and gauge how quickly inflation is slowing after a series of rate hikes over the past year. The Fed hopes the labor market will cool off further and reduce the upward pressure on wages.

    Looking ahead: “The latest reading reflects a holiday-shortened week, which ought to raise suspicions that the big move was more noise than signal,” said chief economist Stephen Stanley of Santander Capital Markets. “I am eager to see next week’s reading before I draw any conclusions.”

    “Rising initial jobless claims is a classic leading indicator of a recession, but a one-week jump is too little data to call a trend,” said Bill Adams, chief economist at Comerica.

    Market reaction: The Dow Jones Industrial Average
    DJIA,
    +0.44%
    and S&P 500
    SPX,
    +0.40%
    were narrowly mixed in Thursday trades.

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  • Job market remains strong, Labor Department data shows

    Job market remains strong, Labor Department data shows

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    Job market remains strong, Labor Department data shows – CBS News


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    The Labor Department released data Wednesday that shows there are almost two job openings for every person who has quit or been laid off. Martin Baccardax, senior editor and chief markets correspondent for TheStreet, joins CBS News to break down the latest job numbers.

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  • Inflation falls to level not seen since 2021 as jobless claims rise

    Inflation falls to level not seen since 2021 as jobless claims rise

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    Inflation falls to level not seen since 2021 as jobless claims rise – CBS News


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    Inflation is down to 4.9% – its first time below 5% since 2021. John Leer, chief economist at Morning Consult, joins to discuss how the Federal Reserve could respond.

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  • April job growth beats expectations amid banking industry turmoil

    April job growth beats expectations amid banking industry turmoil

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    April job growth beats expectations amid banking industry turmoil – CBS News


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    The Labor Department’s latest report shows employers added 253,000 jobs in April. Daniel Altman, chief economist at Instawork, breaks down the findings.

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  • Stocks close slightly down as investors react to earnings reports

    Stocks close slightly down as investors react to earnings reports

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    Stocks close slightly down as investors react to earnings reports – CBS News


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    Stocks closed down slightly on Thursday as investors reacted to mixed earnings reports and new weekly jobless claims numbers. CenterSquare Investment Management senior strategist Uma Moriarity joined CBS news to discuss what the developments mean for investors.

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